The Down:
The up:
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You know what they say: You can’t choose your family, but you can choose your financial planner. Or something like that. One of the great things of being in charge of your money is choosing who (if anyone) will help you manage it. The choice isn’t always an easy one. How will you know that your planner is reputable and trustworthy?
These five red flags may be good indications of whether the financial planner sitting across from you is someone you should trust with your money. LearnVest Planning also provides an innovative 7-step program for your money where you work one-on-one with a financial planner. To see if this program is right for you, start with a free financial consultation.
1. She Isn’t Certified
“There are a lot of good planners out there who aren’t Certified Financial Panners™,” says Samantha Vient, CFP®, of LearnVest Planning Services. “However, CFPs® are required to adhere to the CFP® Board’s standards of professional conduct.We believe it’s always a good idea to work with someone who has the CFP® designation, which is issued after completing a CFP® Board-approved personal financial planning curriculum, passing a rigorous exam issued by the Certified Financial Planner Board of Standards, meeting experience requirements and passing an ethics and background check.
2. He Offers to Manage Your Money for “Free”
Financial planners are usually paid in one of two ways: Either through fee-only, which can be a set fee, hourly, retainer or a percentage of the assets they manage for you, or through commission, which means the planner is paid each time he buys or sells an investment.Fee-only payment structures can be more desirable to some clients, as there’s no financial incentive based on assets under management for a planner to buy or sell, whereas working on commission encourages planners to make trades, rather than solely look out for your best interest—called a “fiduciary” duty. (You want to be sure that the planner you choose is a fiduciary.)
LearnVest Planning Services provides the services of fee-only Certified Financial Planners™. Get started for free with a 15-minute financial consultation.
3. She Says She Outperforms the Market
“If a financial planner tells you that she can outperform the market, that’s a major red flag,” Vient explains. “In fact, due to government regulations, it’s illegal to advertise statements that promise a specific return.”Outperforming the market—that is, getting better investment returns than the market average—is extremely difficult to do consistently, and requires taking a lot of risks with your investments. It’s rare to find a financial planner who can consistently outperform the market—and results are never guaranteed. Either way, in the pursuit of these high returns, she’ll be exposing your investments to much higher risk than you may be comfortable with.
Instead, look for a CFP® who, when looking at your portfolio, can advise on proper asset allocation based on your risk tolerance and time horizon, as well as through economic ups and downs.
4. She Doesn’t Ask About Your Financial Goals
“Your planner isn’t just there to crunch the numbers,” Vient advises. “She’s helping you make a plan for your money and your life. You should be looking for someone who has similar values to you.”Ideally, you’ll likely want to work with someone who is in a similar life stage. Are you a parent? A planner with children may be better able to understand your need to save for college. Does your CFP® have a specialty? Some planners have an area of expertise, like insurance, estate planning, divorce or retirement—a fact you might want to consider if that’s a particular need of yours.
When meeting a potential planner, remember that you’re allowed to ask questions about their experience and priorities: “Do you think it’s more important to save for retirement or pay off debt? How do you feel about supporting kids through college? How do you mitigate investment risk as your clients get older?”
The choices you make with your money are intensely personal. The person who helps you make these choices should be able to understand and accept your financial priorities, and help you use your money to meet them.
5. His Management Style Makes You Uncomfortable
Financial planners can manage your money for you or manage your money with you. As different people have different needs when it comes to money management, there is no right way to work with a planner—it’s up to you to decide how hands-on you want him to be.
When you sign on with a financial planner, there will be a written agreement of how the two of you will manage your money. Read this carefully, and ask questions if you’re unsure about anything. Are you signing your accounts over to this planner? Will he check in with you before making a trade, or when rebalancing your accounts? If you’re uncomfortable with anything in the agreement, bring it up immediately.Learn more about LearnVest Planning and our financial planners by visiting learnvest.com. To book your free consultation today, email FA_Support@learnvest.com or complete your request online.
LearnVest Planning Services is a registered investment adviser. The opinions expressed in this article are that of LearnVest Planning Services, a registered investment adviser. The advice provided may not be suitable for your individual situation and you should discuss your situation with a financial professional.
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SoFi Answers the Call to Refinance Student Loans and Provides Unique Community Benefits
This is a guest post written by SoFi’s CEO, Mike Cagney.
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In a recent article posted on MainStreet.com SoFi General Counsel Rob Lavet had this to say about SoFi’s ReFi products:
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Learn more about SoFi’s refinancing programs and community benefits at www.SoFi.com
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First!!!!!!!!nn
I am the eggman, they are the eggmen.nI am the walrus, goo goo g’joob g’goo ngoo g’joob.n-The Beatles,’I am the walrus’
I thought the ‘I have to go to work’ thing was Bessie’s way to avoid the late afternoon / early evening wood. My bad. Please ignore the 69 messages that I left in your inbox.
Watch it.nn-Obama
Your returns suck and you are blaming the president? Time to pull your money from this fund. Instead of watching fox news these guys should learn how to invest .
you are an idiot
Ok, if there was no stimulus (included $400 billion in tax cuts) we would be in a depression.u00a0nnI agree that debt should be reduced but the debt reduction requires 2 components to be effective – Tax Increases/Closing loopholes and Govt. Spending cuts starting in 2012. But Tea party zombies are adamant just about cutting govt spending and nothing
Its incredible how whiny hedge fund managers are. u00a0They keep up this charade that the performance fees they earned on carried interest are based on “invested capital” when its really based on other investor’s capital. u00a0I have yet to see any compelling evidence that anyone other than fund managers would be worse off if the carried interest loophole was closed. u00a0Cry me a river. u00a0
Then he went up from there to Bethel; and as he was going up by the way,n young lads came out from the city and mocked him and said to him, u201cGo nup, you baldhead; go up, you baldhead!u201d When he looked behind him andn saw them, he cursed them in the name of the LORD. Then two female bearsn came out of the woods and tore up forty-two lads of their number.n-2 Kings 2:23-25
RIIIIIGGHHTTTT….because I am sure that you have multiple billions from running your fund. You clearly don’t work at a fund if you think most hedge fund people watch Fox News.u00a0
…then explain to me why stock options (while being classified as compensation) can be structured such that only capital gains taxes are paid AND potentially pay a CEO hundreds of millions while the stock goes in the crapper.u00a0
…and don’t give me the bullshit about how not taxing/accounting for/expensing stock options creates a vibrant entrepreneurial environment.u00a0
huh?
“because I am sure that you have multiple billions from running your fund.”nnyou don’t know dick about anyone on here…
“Ok, if there was no stimulus (included $400 billion in tax cuts) we would be in a depression. “nnYup.
class warfare…………..stirring up class warfare……………………….. Why did you post this Bess Levin?u00a0
I think you’re right. u00a0The profit on exercising an in the money option that was granted should be taxed as ordinary income. u00a0Once you continue to own the stock the gains above that level should be capital gains because now you have real capital invested in the stock (just like everyone else). u00a0
Because this is a site about Wall Street and this is a letter from a hedge fund manager to investors. Any other brain busters or are you fresh out?
“It’s all about bucks kid, the rest is conversation.” – GGnn-Trader who prefers to focus on what he can control (when to trade, how to manage risk, etc.) rather than what he can’t (politics). u00a0
I like the new DB look but I dont know what I am looking at.
You made the same mistake Bloomberg.com did. Don’t fix what is not broken
Agreed.u00a0 The new bloomberg sucks
People don’t get deflation, but everyone gets unemployment.u00a0 U-6 unemployment this year is something like 16%.u00a0 If you look at the methodology behind the 25% unemployment rate in 1933, and adjust it to the U-6 measure, you wind up in the 15-20% range (hard to say, since society is very different today).u00a0 For most working families, we are in a depression.nnBut, you know, it’s all just a bunch of wingnuts, teabaggers, hoarders, wreckers, etc., robbing us of our bright future in a hopey-changey tomorrow.
Bess, did Mark Zuckerberg put you up to this? u00a0That douche is always changing website looks.u00a0
Oh, okay.
I still love ya like a fat kid hates the onset of Type II Diabetesu00a0
Brainzzzz…you need some brainzzzznnn-Tea Party Zombie
We got to chase dem crazy baldheads out of our town…nnn-The Ghost of Bob Marley
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